Monthly Bulletin

California Department of Business Oversight

Volume 3, Number 1

August 2015

Credit Unions: Quarterly Call Report Submission Reminder

All California state-chartered credit unions must file their Quarterly Call Report no later than the fourth Friday of the month following the end of the quarter. For example, the Sept. 30 Call Report deadline is Oct. 23. To minimize potential delays in the Online 5300 Call Report system response time, the DBO recommends reports be submitted as early in the cycle as possible.

All credit union licensees that fail to submit timely, accurate reports will be subject to civil money penalties. Pursuant to Financial Code sections 329 and 14256, the Commissioner can levy civil money penalties not exceeding $1,000 per day for failure to submit the reports by the deadline.

If you have questions related to the 5300 Call Reports, please email CU5300.CallReports@dbo.ca.gov. You also can call Phoebe Trinh at (213) 576-6819 or Kimberly Wickersham at (415) 356-6312. For technical support, please contact NCUA’s OCIO at 1-800-827-3255.

Credit Union Annual Audit Report Requirements

The reports are due within 105 days after the end of the fiscal year. The Commissioner can grant extensions.

For credit unions with assets totaling $10 million or more, the audit reports must
include the institution’s audited financial statements for the fiscal year, or as of
the end of the fiscal year. The financial statements must be prepared in
accordance with generally accepted accounting principles specified by the
Commissioner. The audit report also must contain any other information the
Commissioner may require. The report must be prepared by a certified public
accountant, or an independent public accountant approved by the
Commissioner.

Questions about the audit reports may be addressed to the DBO’s credit union
portfolio manager in your region. The DBO website identifies the DBO contact
for each credit union.

Federal Reserve Bank of San Francisco to Host Reentry Solutions for Success

Reentry of formerly incarcerated men and women into society always has
presented a challenge for local jurisdictions, law enforcement and service
providers. In California, the challenge grew after the 2011 enactment of the
Public Safety Realignment Act (AB109). Aiming to reduce overcrowding in
California’s 33 state prisons, AB 109 resulted in the immediate release of nearly
11,000 low-level offenders. More have returned to civilian life since.

Against that backdrop, the Federal Reserve Bank of San Francisco on Sept. 29-30 will co-sponsor Reentry Solutions for Success, a statewide cross-sector conference, in Sacramento. The event will be held at the Hilton Sacramento Arden West. Other sponsors include the Federal Home Loan Bank of San Francisco, the James Irvine Foundation and Health Happens Here.

The conference will bring together bankers, investors, policymakers, criminal justice professionals, community leaders and others to discuss programs and strategies that contribute to successful reintegration. Attendees will learn about existing and promising models for supervision, housing, counseling and employment that draw upon evidence-based solutions. The DBO encourages its banking and other financial service licensees to attend.

The registration deadline is Sept. 25. Participants who register by Aug. 28 will receive a 30 percent discount. Registration includes a keynote luncheon, a welcome reception, a networking breakfast and a choice of 12 informative breakout sessions.

Registration fees are $95 per person through Aug. 28 and $135 from Aug. 29-Sept. 25.

News from the SCO Unclaimed Property Division

DBO periodically reports news and information about the California State Controller’s Office (SCO) Unclaimed Property Division’s (UPD) activities. Many DBO licensees and stakeholders do business with the UPD.

Unclaimed Property Holders Seminar Set for Aug. 20 in Palo Alto

The California Unclaimed Property Holders Seminar is a free educational program highlighting current compliance and regulatory updates. A representative of the SCO Outreach and Compliance Unit will attend as a guest speaker.

If you have any questions related to unclaimed property, please contact the SCO Holder Outreach and Compliance Unit at (916) 464-6088 or UPDHolderOutreach@sco.ca.gov.

DBO Slates Management Class with Escrow Institute

The DBO, with the Escrow Institute of California, will conduct the next DBO Management Training Class Thursday, Sept. 17 at the DBO office at 320 West 4th Street, Los Angeles. The class will run from 9 a.m. to 4 p.m. Check-in begins at 8:30 a.m.

The class is open to owners, corporate officers and designated managers of DBO-licensed escrow companies. Registration is on a first-come, first-served basis, and will close when all slots are filled or Sept. 11, whichever comes first. Due to space limitations, each company will be allotted only one spot. There is no charge for the class, but the optional DBO manual materials fee is $60. For instructions on how to register and pay the DBO manual fee, click www.escrowinstitute.org/2015/dbo-management-class-is-set/.

California Water Use Drops 27.3% in June

With record-breaking heat throughout much of the State, Californians continued to conserve water in June, reducing use by 27.3 percent compared to the same month in 2013.

Despite being the hottest June on record, California’s urban water suppliers exceeded the statewide conservation goal, saving 59.4 billion gallons (182,151 acre-feet), compared to the same period in 2013. June conservation efforts put the state on track to achieve the goal of saving 1.2 million acre-feet through February 2016, as called for by the Governor in his Apr. 1 Executive Order.

June is the first month that new mandatory conservation rules were in effect for urban water districts. For more information, go to www.ca.gov/drought/.